CWH · Camping World Holdings, Inc.

Camping World Holdings reported first quarter 2026 results amid a challenging RV industry backdrop, with revenues declining 4.2% year-over-year to $1.4 billion, primarily driven by lower new vehicle unit sales (down 9.0%) and used vehicle units (down 3.4%), though average selling prices showed mixed trends with new vehicles up 3.9% and used down 1.0%. Gross margins contracted, with new vehicle gross margin at 12.2% (down 148 basis points) due to higher average costs partially offset by pricing gains, and used vehicle margin at 17.7% (down 91 basis points). Products, service, and other gross margin fell to 47.8% amid a lower mix of higher-margin service work. Total gross profit decreased 6.1% to $403.3 million. SG&A expenses improved significantly, dropping 7.5% to $358.3 million, driven by lower employee compensation, advertising, and commissions, resulting in SG&A to gross profit improving 135 basis points to 88.8%. Floor plan interest rose 19.2% due to higher balances despite lower rates, while other interest declined 12.1%. This led to a net loss of $26.7 million (worsened 8.0% YoY) and Adjusted EBITDA of $28.0 million (down 10.1%). CEO Matthew Wagner highlighted improving new and used unit volume trends in March and April, SG&A efficiencies, and market share gains in exclusive brands. CFO Tom Kirn emphasized balance sheet strengthening, with cash at $200 million, long-term debt at $1.416 billion, and net debt leverage at 5.6x (improved from 8.1x YoY). The company consolidated 10 store locations, ending with 199 sites after opening two and acquiring one. Despite a slower RV selling season start, management reaffirmed full-year 2026 Adjusted EBITDA guidance of $275-325 million, supported by recent trends, Good Sam margin stabilization, and cost opportunities, signaling confidence in achieving unit growth, Good Sam acceleration, and SG&A efficiency goals.